The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-03-05
The WATER WORKS BILL
AS 1T PASSED Ov THIRD READ.
ING IN THE SENATE.
Only q Few Changes From the OrIgi.
nal, But TAOse Few Count
Materially.
TAKING POWER OF THE DIS.
TRICr KNOCKED OUT.

TRICf KNOCKED OUT.
A Construction or Purchase Con.
tract to Precede the COliec-
tiOn Of lakes.
Following is the full text OF the va.
ter bill passed by the Senate urday
on it's third reading. In mex. to the
last p paragraph of section 2 the words
"and coupons attached thereto" were
inserted. s. ction underwent con-
siderable change, the principal one
being the striking out of the taxing
power OF the Distinct. At the end OF
the first paragraph, section 6, the fol-
lowing is added: "But no tex shall
bs collected until a contract is made
for the construction or purchase as
provided in this act" In sect on IS,
where tSe original read, "pu chase the
franchise and properties" the words
franchise aud" arestr cken out. Toe
changes are comparatively few, but
fu of meaning:
| An act to amend an act entitled "a bill to
establish Taxing Districts 10 tbs State,
and to provide the means IF local govern.
| ment for the came" being chait'r IL, Of
the Acts Of 1879. and to on arge the powers
| of said Taxing Distress so as to authorize
and enable them to bui d works, las pc I,
| conductors, Q c., in order TO supply the
District and its inhabitants with water.
SECTION |. Be 1t enacted by the General
Assembly of The SAFE OF 1eRnessee, That
Taxing Districts organ zed under the
aci aforesaid be and they are hereby
authorized to construct, own, maintain
and operate system OF water works
for the purpose and sufficient to sup.
ply the DIST let and 9 inh .bitants
with bounliiul supp Y of the best an
m at wholesome water prsctic he IN
the judgment of the Legislative Coul
Gil OF said Ds,r ct, with pJwer to en-
large and extend the sams from time
to time, as the necessities OF said Dis.
trict or its inhabitants may require.
SEC. 2. Be Il further endcttd. That
in order 10 rAi,e the means necessary
to conttruct such water works, said
Taxing Districts ara authorized and
empowers to issue coupon bonds 10
the amount OF not more than ST. 200
600, bearing interest payable temi-an-
nually, aud maturing not less Il han ten
nor more than forty years after the
dsie thereof, the form of which bond
shall be substantially IS follows, viz
Estate OF TENNESSEE,
TAXING DISTRICT OF - COUNTY.
No. Water Bond. $1,000
The Taxing District of - County, a
municipal corpor alton organized and exist
| nn1ar the laws the State of Ian
Acknowledges itself in 'eb'ed to - OF
bearer, in the som Of $1,000, which sum it
| promises, as here matter stated, to pay to
bearer - years alter the date hereof, at
per cent, pr annum, pat able semi an-
nually, at the place aforesaid, on presenta.
| ton and surrender of the interest @ upons
hereto attached.
This bond is one Of a series numbered
from l to - eonsecutively, each or he
sum of $1,000, and amounting in the aggre-
gate to the sum OF -, Issued under and
subject to the provisions Of an act OF the
Legislature OF the State of Tennessee, oh APP
ter = of the acts OF 1851. Payment Of the
principal and inters oct hereof is secured by
a trust deed on the water works, including
land, easements, buildings. pumping ma;
| chinery, conduits, mains, reservoirs, stand
pipes, water towers, ill 'erers, ripeS, Q c.,
| built and laid or t. be Quilt and laid under
| the prnvi ions Of said act, on the revenue to
be de, lived fro IL said water works, and on the
| fran chise to mai otain nd operate the same
in the event of foreclosure sa e under said
| trust deed.
In respect of paid principal sum of $1,000
and coupons attached thereto this b nd does
not create carry any general liability of
or against said Taxing District, the holder
here of stipula,ing look alone 10 sit rust
deed security for the payment thereof bat
said Taxing District, IN addition to the
security ahordet by said trust deed, obi.
gates Itself 20 keep the incO ne of said waIer
works sufficient, sft al other expenditu es
are provided trr, to pay a maturi the cur
rent intere,t on said bonds.
AL OTIS id bends shai be subject to call at
the end Of ten ears after III date Their o.,
but said bon s must be called in the inverse
order of their numbers; that IS 10 say, tho
bond of highest NUMBER I" all be frs calet,
al d then consecutively dIwnw ids, accord
ing 10 number. Publ ic ,lion of tn, fact of
such call shall be made for ten days in one
Memphis and ore New York daily p per,
and thereupOn the interest on the DOL or
bonds so called thall cease.
SEC. g. Be ii fur her enacted, That in
order 10 SECURE the p ymen; OF said
boude and interest, said District may
execute trust de d on the entire sys
tenn of water works, land, easements,
buildings, pumpir & machin' ry, msin',
conduits, re" rvoi's, stand plpes,
water towers, fl teri rs, pipes, ETC., aud
the franchise to opera o and m iintain
the tame by the purchasers, in the
event OF foreclosure sale under such
trust deed. Sad trust deed to EN-.
brace the entire system of works as
aforesaid, the system and al parts
thereof and additions the et) to be
treated as a unit, and to fall under
said trust deed, whether constructed
or not st the cate OF its execution,
and to embrace also all revenue to be
derived from supplying the water to
consumers. Aud in consideration
OF the water to bs supplied by
said works for pub ic use and
service, said Tsxipg District shall con-
tribute such portion Of the gross
income 10 be derived from said works
as the Legislative Council may deem
equitable and inst, the amount to be
FIX d annually by paid Council But
the amount 20 be so coutr buted by
said Taxing District shall be under
obligation to make aud keep the fame
at all times sufficient, in Connec ion
with the IL come to be derived from
said water works, to pay the interest
as it natures on said b uds, after all
expenditures for operating, maintain
iug, exl ending aud enlarging the same
are p divided for.
SEC. 4 Be Il further enac!ed, That in
respect cf the principal thereof the
bonds and coupons to be issued ss
Aforesaid shall not create or carry any
general liability against said District,
but the holders of said bonds shall
Look solely to the security OF said
trust deed on said water works sys-
sem for the payment thereof No tax